Many parents and grandparents open an LLL Children’s Account when a child is born, and as the child grows up it proves a convenient way to introduce them to saving.
Introduce your child to saving when they are younger, and they may even thank you when they’re older.
When the first LLL Children’s Account is opened in a child’s name, the LLL will open the account with a gift of $5.00. So the child is already off to a good start.
Passbooks are issued for all children with an LLL Children’s Account. Guardians have internet access with LLL@Home.
An LLL Children’s Account is in the child’s name, but you are the guardian of the account until such time as you feel the child is old enough to manage it. When they are ready, all you need to do is contact the LLL and request a Relinquish Guardianship form. Then it’s your chance to discuss together the options for using their savings.
If the child attends a Lutheran school, deposits can be made through the LLL school banking system.
ASIC's Money Smart Families is a webpage of resources to support and promote consumer and financial literacy in Australian families.
Also, without affecting the account, you can nominate an LLL Children’s Account as a Matching Deposit to benefit a particular Lutheran Church of Australia project, such as your local Lutheran school, your congregation or another worthwhile Lutheran project.